1: An archaic term meaning happy, although rarely used in present times, due mostly to the words modern association with the homosexual community.

2: Slang for a homosexual person

3: Generic term for something that has bad qualities. Contrary to popular belief this usage of the word is not limited to morons, assholes or immature people, despite the fact that originally it would have been. Just as how the word Gay progressed from meaning happy to meaning a homosexual, it has progressed again and is used when stronger words are not necessary. It is simply the evolution of the English language.

1: We were having a gay old time down at the river!

2: Robert is a Gay man.

3: That is such a gay tv show haha!

NB: I do not have anything against homosexuals, I just wanted to clear up the fact that many people, not just immature teen males who are insecure about their sexuality, use the word gay as a generic term for something bad. I know many people, male and female, who use the word in such a way!